Description:

Thomas Jefferson
Philadelphia, PA, March 2, 1791
Thomas Jefferson Signed Foundational Act of Congress, Alexander Hamilton's Financial Revolution!
DS

A 1p printed document boldly signed at the bottom by future 3rd U.S. President Thomas Jefferson (1743-1826), then in his role as 1st U.S. Secretary of State, as "Th: Jefferson." March 2, 1791. Philadelphia, Pennsylvania. Signed in print by Frederick Augustus Muhlenberg, Speaker of the House of Representatives; John Adams, Vice President and President of the Senate; and George Washington, President of the United States. Printed on laid pale blue paper with deckled edges. Expected wear including flattened transmittal folds, isolated foxing in the margins, and scattered light ghost ink impressions. Two isolated tiny chips affecting the bottom edge at lower right, with probable expert restoration of a chip at the bottom edge at lower left. Else near fine. The document is in a floating mount and matted and framed to the left of a handsome engraving of Jefferson, with accompanying engraved name plate. Not examined out of the frame. The actual size of the document is approximately 9" x 15" while the overall size of the frame is 27" x 24.625" x 1.25."

Secretary of State Thomas Jefferson acknowledged receipt of a new congressional act, "An Act supplementary to the Act, intituled, 'An Act to Incorporate the Subscribers to the Bank of the United States." Approved on March 2, 1791, the new act clarified and expounded upon certain points of a prior related act approved a week earlier, on February 25, 1791, "An Act to Incorporate the Subscribers to the Bank of the United States." Together, both the February 25, 1791 "Act to Incorporate" and the March 2, 1791 "Act supplementary" are referred to as the Bank Bill of 1791. These two congressional acts effectively established the First Bank of the United States.

"An Act supplementary to the Act, intituled, 'An Act to Incorporate the Subscribers to the Bank of the United States" outlined several important points, among them:

- that "An Act to Incorporate the Subscribers to the Bank of the United States" would not become effective until the first Monday of July 1791

- that the first payment of 6% certificates could be deferred until the first Monday of January 1792

- that a cap of 30 shares would be imposed on any "person, corporation, or body politic, except in behalf of the United States"

- that subscribers would pay in specie, and failure to pay resulted in forfeiture

- that the public debt funded at 3% interest was redeemable at 6% before January 1, 1793

In December 1790, just a few months before these acts were approved, 1st Secretary of the Treasury Alexander Hamilton began energetically lobbying for the establishment of the First Bank of the United States. Hamilton viewed the formation of a large, federal financial institution as the best way to pay off Revolutionary War debts, serve as an emergency cash reserve for the government, build American credit, stabilize the currency, foster trade and industry, and provide continuity for 20 years until its expiration in 1811. Hamilton contended that the First Bank of the United States - along with proposed excise taxes and a federal mint - would bolster economic security.

Thomas Jefferson adamantly disagreed with Hamilton's - and other Federalists' - concept of the First Bank of the United States. Jefferson thought that a national bank was unconstitutional, granted too much centralized power, and favored economic interests over individual property rights. But, Congress approved both acts. It must have been a bitter blow to Jefferson, but he nevertheless signed a copy of one of the acts in his official capacity as Secretary of State.

Both the first and second acts of the Bank Bill of 1791 were deliberated, approved, and signed into law during the last session of the 1st U.S. Congress, which convened between March 1789 and March 1791. In fact, "An Act supplementary to the Act, intituled, 'An Act to Incorporate the Subscribers to the Bank of the United States" was approved just two days before the opening of the 2nd U.S. Congress.

This item comes with a Certificate from John Reznikoff, a premier authenticator for both major 3rd party authentication services, PSA and JSA (James Spence Authentications), as well as numerous auction houses.

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  • Dimensions: framed: 27" x 24.625" x 1.25"
  • Medium: DS

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